Union Bank Inks $500 Million Renewable Energy Agreement with Germany’s DWS

In a significant effort to enhance economic collaboration, Nigerian and German businesses finalized two key agreements in Berlin on Tuesday.

These agreements, valued at $500 million, cover a renewable energy deal and a gas export arrangement, representing a pivotal moment in bilateral cooperation, as stated by Presidential spokesperson Ajuri Ngelale. Union Bank of Nigeria and Germany’s DWS Group formalized a Memorandum of Understanding (MoU) focusing on renewable energy.

This strategic partnership aims to attract $500 million in investments specifically dedicated to renewable energy projects, with a primary emphasis on rural communities across Nigeria.

The second MoU solidifies a gas export partnership between Riverside LNG of Nigeria and Germany’s Johannes Schuetze Energy Import AG. Under this agreement, Nigeria commits to supplying 850,000 tons of natural gas annually to Germany, with projections indicating an increase to 1.2 million tons. The initial shipments are scheduled for 2026, as confirmed in the statement.

A crucial aspect of this deal is its contribution to processing approximately 50 million cubic feet per day of natural gas that would otherwise be flared.